STC Bank gets nod to start operations in Saudi Arabia

user icon
NOHA.GAD
calender icon
Jan 29, 2025
article image

Riyadh - Sharikat Mubasher: The Saudi Central Bank (SAMA) permitted STC Bank to commence its operations in the Kingdom as part of its strategy to promote digital transformation ​and competitiveness within the banking sector.

With this permission, the number of licensed banks in the Kingdom reached 37, amongst which are 14 local banks that include three digital banks and 23 foreign bank branches, the apex bank announced in a statement today.

This decision affirms SAMA’s commitment to strengthening the banking sector's resilience, enhancing its attractiveness, and increasing its contributions to achieving Saudi Vision 2030’s objectives. 

It also aligns with SAMA’s dedication to enabling financial institutions to support private sector growth by enhancing the reach and variety of financial services and products.


Share

Related News

Mudad pacts with Khazna to offer ‘Flexible Salary’ product
News
Calendar Icon
July 17, 2025
Mudad pacts with Khazna to offer ‘Flexible Salary’ product
Read More
JeelPay, SDB to Support Saudi students with SAR 50 mn fund
News
Calendar Icon
July 17, 2025
JeelPay, SDB to Support Saudi students with SAR 50 mn fund
Read More
IHC acquires eFunder, rebrands as Zelo to boost SME financing in UAE
News
Calendar Icon
July 16, 2025
IHC acquires eFunder, rebrands as Zelo to boost SME financing in UAE
Read More
Saudi fintech sector exceeds 2024 goals with 261 operating firms
News
Calendar Icon
July 14, 2025
Saudi fintech sector exceeds 2024 goals with 261 operating firms
Read More
Network International, Magnati secure regulatory approval to merge
News
Calendar Icon
July 13, 2025
Network International, Magnati secure regulatory approval to merge
Read More
SAMA licenses Awn to offer consumer microfinance services
News
Calendar Icon
July 9, 2025
SAMA licenses Awn to offer consumer microfinance services
Read More
PoS sales volume in Saudi Arabia rises by 12% in May
News
Calendar Icon
June 30, 2025
PoS sales volume in Saudi Arabia rises by 12% in May
Read More
JeelPay, King Abdulaziz University to offer innovative tuition installment solutions
News
Calendar Icon
June 25, 2025
JeelPay, King Abdulaziz University to offer innovative tuition installment solutions
Read More
Alsulaiman Group acquires Taajeer Finance to lead financial services growth
News
Calendar Icon
June 19, 2025
Alsulaiman Group acquires Taajeer Finance to lead financial services growth
Read More
NayaOne partners with AstroLabs to launch fully Saudi-hosted fintech platform
News
Calendar Icon
June 16, 2025
NayaOne partners with AstroLabs to launch fully Saudi-hosted fintech platform
Read More